Tether Alters Terms in Singapore, Banning Local Shareholders

• Tether has modified its terms of service, prohibiting Singapore residents’ shareholding in USDT exchanging.
• Julian Hosp, the CEO of Cake DeFi, disclosed an email from Tether outlining the policy change.
• Some speculated that this could be related to the recent money laundering case in Singapore.

Tether has reportedly updated its terms of service in Singapore, which include banning shareholders residing in Singapore from exchanging USDT for USD. The CEO of Cake DeFi shared an email that shows the update.

Julian Hosp, the CEO of Cake DeFi, a finance protocol, shared the email he received from Tether that said:

Tether has changed its terms of service to, among other things, restrict its onboarding standards. Corporates controlled by other entities, directors, and shareholders residing in Singapore are no longer permitted to be Tether customers.

Furthermore, the email added that Cake DeFi is controlled by another corporation that resides in Singapore, which leads to the restriction of account verification. The email further stated that “you will not be permitted to be issued or redeem from the …

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